It depends quite a lot on the amp, as far as I know. In some amps, like vintage fenders, the PI position has quite a dramatic effect on the sound of the amp. I think in most other amps, like most modern ones, the effect of changing the PI valve will have quite a small effect - nowhere near as swapping V1 for example.
Generally 12at7s are lower output, as you say, and also sound a bit more "brittle". Some people prefer using the 5751 (a lower gain 12ax7) if they want to lower the gain of an amp - SRV is supposed to have used one in his amps. Not sure if he used it in the PI position or V1 though.
Like all these things, there's only one way to find out... You shouldn't blow your amp up changing preamp valves around, as far as I know. 12at7s do draw more current though